Revised FRSSE issued

The Financial Reporting Council (FRC) has published an updated version of the Financial Reporting Standard for Smaller Entities (FRSSE). This contains a small number of amendments resulting from the introduction of the revised UK reporting framework set out in FRS 100 and FRS 102.

The key amendments are:

• The clarification of certain requirements concerning annual impairment reviews, estimates of the useful life of goodwill and intangible assets, and definitions pertaining to related party transactions; and

• Disclosure exemptions regarding inter-group related party transactions, where a subsidiary party to the transaction is 100% owned by the group.

The amended FRSSE will replace the existing version (effective since 2008) and its adoption is mandatory from 1 January 2015, although earlier application is permitted.

For further information on this subject please contact andrew.webb@wardwilliams.co.uk